SingTel arm acquires 35.5% share in TheMobileGamer

The shares were sold for approximately S$1.8m.

Singapore Telecommunications Limited announced that its wholly-owned subsidiary, SingTel Idea Factory Pte. Ltd. has entered into a conditional sale and purchase agreement to acquire a 35.54% interest in the share capital of TheMobileGamer Pte. Ltd. (“TMG”) from certain of its founding members for a cash consideration of approximately S$1.8 million (approximately US$1.5 million).

SingTel Idea Factory also entered into a conditional share subscription agreement to subscribe for an additional 11,481,056 new Series B preferred shares at S$0.107 per share in the share capital of TMG.

TMG is a platform provider that is in the business of aggregating, distributing, licensing and developing mobile gaming software. SOFTBANK CORP., one of the leading Japanese internet companies providing mobile, fixed line, and internet contents services, is also a co-acquirer under the Acquisition and a co-investor under the Share Subscription under the same terms.

Following completion of the above transactions, the issued and paid-up capital of the ordinary shares in SingTel Idea Factory will increase from S$3,464,600 to S$6,784,600 via the allotment and issue of 3,320,000 ordinary shares at S$1 per share to SingTel.